Kuwaiti CEO accused of suspicious trades by SEC dies: Report

By IBT Staff Reporter On 07/26/09 AT 8:18 PM

Hazem al-Braikan, a Kuwaiti CEO accused last week by the U.S. Securities and Exchange Commission of making suspicious stock trades was found dead in an apparent suicide, a security official at the Kuwaiti Interior Ministry said on Sunday, according to Bloomberg.

The civil suit alleged that al-Braikan, the CEO of Al-Raya investment Co., the company itself, United Gulf Bank BSC and Kipco Asset Management placed “highly profitable and suspicious” trades ahead of reports claiming investors made bids for companies Textron Inc. and Harman International Industries Inc,

The official, who declined to be identified because the investigation is continuing, told Bloomberg Al-Braikan was found from a gunshot wound.

The alleged scam netted the parties $5 million, according to the SEC’s suit.

Al-Raya’s board of directors on Saturday denied any violations in a statement obtained by Reuters and vouched for the “correctness” of dealings with the company and its CEO. Al-Braikan said separately that he had named a U.S. lawyer for the case, according to Reuters.